TRS Investments chairman Keith Jackson says the company has
no further information relating to restraining orders on Mega
shares other than what was released to the market.
Trading in TRS Investment, the backdoor listing vehicle for
cloud storage and encryption firm Mega, was halted pending an
announcement from the company, after an 18.8% stake in Mega
was placed under a restraining order as part of a freeze on
the assets of Auckland businessman William Yan.
Two companies associated with Mr Yan, formerly known as Bill
Liu, have been subject to a restraining order under the
Criminal Proceeds (Recovery) Act, with the shares under the
Official Assignee's custody and control, Mega said in a
Any funds received as subscription for new shares were paid
to Mega's lawyers through banks operating under Anti Money
Laundering processes, the company said.
Mr Jackson said TRS had a conditional agreement to acquire
all shares on issue in Mega.
Subject to fulfilment of the agreement conditions, TRS
expected the agreement would be performed.
''TRS will make further inquiries as necessary and if its
view changes or further information comes to light, it will
advise the market accordingly,'' he said.
Internet entrepreneur Kim Dotcom wants to list Mega on the
NZX through a reverse takeover.
On Saturday, The New Zealand Herald reported millions
of dollars of assets allegedly owned by Mr Yan had been
seized by police as part of an investigation into a money
Through a lawyer, Mr Yan denied the allegations, the
Neither company was named, although TEY Trustee Ltd and New
Vision Trustee Ltd, which emerged as shareholders of Mega in
May, hold a combined 18.81%, according to Companies Office
documents, BusinessDesk reported.
Those companies' interests were held through Jesse and
Associates lawyer Jesse Nguy, a former president of the
now-defunct New Zealand Chinese Business Chamber.
The combined stake pips Shen Zhou Wu's 16.7% stake in Mega,
who was listed as the biggest shareholder in the company.
Mr Shen, a regular donor to the National Party through his
Contue Jinwan Enterprise Group, replaced Mr Dotcom as the
firm's biggest investor in May.